Questions from Financial Accounting

Q: Lopez Company reports unadjusted first year merchandise sales of $100,

Lopez Company reports unadjusted first year merchandise sales of $100,000 and cost of merchandise sales of $30,000. a. Compute gross profit (using the unadjusted numbers above). b. The company expects...

Q: Refer to Exercise 4­10 and prepare journal entries to record

Refer to Exercise 4­10 and prepare journal entries to record each of the merchandising transactions assuming that the perpetual inventory system and the net method are used by both the buyer and the s...

Q: Piere Imports uses the perpetual system in accounting for merchandise inventory and

Piere Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Prepare entries to record these transactions assuming th...

Q: Prepare journal entries to record the following merchandising transactions of Cabela’s,

Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable a...

Q: Refer to the transactions in Problem C-5B. Assume that

Refer to the transactions in Problem C-5B. Assume that although Brinkley owns 25% of Bloch’s outstanding stock, circumstances indicate that it does not have a significant influence over the investee....

Q: Prepare journal entries to record the following merchandising transactions of Lowe’s,

Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. Hint: It will help to identify each receivable and...

Q: Valley Company’s adjusted account balances from its general ledger on August 31

Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salari...

Q: Use the data for Valley Company in Problem 4­3A to

Use the data for Valley Company in Problem 4­3A to complete the following requirement. Required Prepare closing entries as of August 31 (the perpetual inventory system is used).

Q: The following unadjusted trial balance is prepared at fiscal year­end

The following unadjusted trial balance is prepared at fiscal year­end for Nelson Company. Nelson Company uses a perpetual inventory system. It categorizes the following accounts as selling...

Q: Using the information in Exercise 6-12, prepare the adjusting

Using the information in Exercise 6-12, prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation.